Pre-foreclosure-- Is there a deal here? - Posted by Craig_NOLA

Posted by Irwin on January 27, 1999 at 21:40:54:

Number 1 problem here is locating the missing spouse. Without him, you probably can’t do anything with this property.
In many states, if she divorces him the divorce court can award her the property and then you could deal with her and save the property. Is she willing to do that? How long does foreclosure take in LA? You might have no option other than bidding at the f/c sale.

Pre-foreclosure-- Is there a deal here? - Posted by Craig_NOLA

Posted by Craig_NOLA on January 27, 1999 at 18:25:54:

Hi everyone!

Any feedback on the following situation would be very much appreciated.

A lady called me today in reference to my “We Buy Houses” ad. Her property (SFR) appraised at $68K two years ago, since then new carpet and tile have been installed and the home has been painted inside and out. She currently owes $27K.

Problem: She is approximately 4 months behind on her loan payments. She was told that she had until Jan. 1 to become current. That did not occur. The mortgage co. has sent her file to their attorneys, but she has not been served with any papers yet.

There are one or more ways that I could have the property bought and/or sold in 45-60 days (including closing). Is it too late?

Second problem: This woman owns the property jointly with her husband, but the husband literally ran off 6 months ago. His whereabouts are unknown.

I am in Louisiana which is a community property state. Can she enter into a contract to sell the property without his signature on the purchase agreement or on a quit claim deed?

Given the situation, is there anyway I can help this woman and profit, too? Thanks in advance for your replies!